hi, i’m 20 yr old and want to start real estate investing. i want to start doing whole sale but the problem is that, i can’t find a good real estate agent to give some info about the area i want to whole sale in. tell me where can i find a good real estate agent to work with and what type of questions should i ask to get to know the area better. and also how can i find other investors who have money to invest with, so when i find a distressed property i can sell to investor to make some profit. i’m just starting out and i need to make fast cash ( earned income) so i have money to invest with(passive income). :help
Ok well first off a good real estate agent could be an asset to you, but a wise man once said “if you know what your looking for it is much easier to find it.” If you are determined to whole sale properties in a specific market area then it is your responsibility to know the area yourself and not just rely on a real estate agent for knowledge and market information. In order to whole sale real estate to investors you will need to be getting properties under contract for at least 60-65% below market value for you to be able to make 5% and an investor to take it off your hands. Now I don’t know any real estate agents who are going to just pass off great deals like this to a 20 year old, no offense. Good deals that real estate brokerages come across rarely even make it to the mls, they either buy it themselves or offer it to a good client to receive future business from them. I don’t know your educational background, but if you are not well educated in the field of real estate I would strongly suggest that be your main priority. I have seen all too many overnight real estate investors financially go down in flames because they did not do their due diligence and made bad decisions. My advice to you is to get educated in the field of real estate, the principals, the cycles of a market, general and specific terms, zoning, highest and best use analysis etc. Def. find yourself good agents as well. This should not be hard, do some research, google agents in your area, look for agents whose name is on a lot of for sale signs in the area you wish to invest in. There are many agents but only a small percentage are successful ones. Don’t rely on just one, have a few agents give you insight and opinions different perspectives always help. Most important of all know the area, and know the market. Agents can be quite persuasive if your decision impacts their bottom line so you never want to depend on only one agent’s opinion. If you really want a professional opinion of value your best move is to hire a real estate appraiser, they are bound by law to provide an objective opinion and to keep your appraisal order confidential. Finding investors is the easy part if you have real deals. Investors will make their existence known as they usually market themselves in local papers, online, using bandit sign, or simply going to property auctions. Making fast cash is good but don’t rush into a contract without doing your homework. I would suggest meeting with a real estate lawyer as well to discuss the legality of what you are trying to do, structure it correctly and draw up template contracts with an assignment of sale clause so you can pass these properties off to investors.
Tank you for advice, and you’re right,I need to invest in my education on real estate. But education doesn’t come free. i need to make money first and then pay for more education. i read books on real estate investing and listen to cds by Rober Tikiyosaki.